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North-American Rig Count On The Way Up As Rest Of The World Declines

The Baker Hughes International Rig Count is out. I have decided to try something new with the charts. That is to compare the current year’s rig count with the previous two years count and to insert, within the charts, the percent change for this year as compared to last year. Also, this is the total rig count, Oil and Gas. Also the charts are not zero based. I do this in order to better emphasize the monthly change.

July usually sees a big jump in rig counts. This year there was a very tiny July increase, only a fraction of the increase we usually see for July.

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*The Total International rig counts does not include the USA, Canada or the FSU. The Total International rig count was down 28 in July to 1118. Last July it was up3 to 1344.

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The Middle East is the only place that rig counts are holding up. Rig counts for July are down 32 to 391 but they are still above their 2013 levels.

Related: Congress To Lift Oil Export Ban Next Month?


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Latin American rigs fell 1 to 313 and are 23% below their 2014 level of 410.

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Europe’s rig counts fell in July to 108. That is 45 rigs below last July’s count of 153.

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Africa’s rig count dropped by 9 to 94. That is 43 rigs below last July’s count of 137.

Related: Rail Companies Slammed By Oil Downturn

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The Asia Pacific rig count dropped by 3 to 212. That is 41 rigs below last July’s count of 253.

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*The Total World rig count includes the USA and Canada but not the FSU. The Total World rig count increased by 31 to 2,167. That is 1,441 rigs below last July’s count of 3,608. The percentage decrease from last July is just under 40%.

Related: Bullish Bets On Oil Go Sour

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The US rig count is leveling out. The US rig count was up 5 to 866 but that is still 1010 rigs or 53.84 percent below last July’s rig count of 1876 total rigs.

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Canada’s total rig count increased by 54, from 129 to 183. However last July’s increase was 110 rigs, from 240 to 350. So this year’s July increase was less than half last July’s increase.

By Ron Patterson

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